As a commercial or small business owner, you may be held liable for various things, but one of the most costly Property insurance in South Africa is property damage.
What is property loss or damage?
Property loss or damage can refer to various things other than bricks and mortar buildings and structures. To begin, property in business insurance terms relates to anything that belongs to the business, like stock, furniture, machinery, and money stored on your premises. However, any Electronic Equipment, Money, or Goods in Transit would require specific insurance to be covered in terms of a business policy.
Finally, if you are the owner of a property, damage to the actual structure of the property can have serious legal and financial consequences in terms of loss of income from the property or legal liability arising from the ownership of the building. Covers such as Business Interruption and Public Liability is available to business owners (building owner or a tenant) to mitigate the potential risks to business continuity.
Commercial property damage and property Insurance South Africa
Commercial property owners in South Africa must be well informed when purchasing property insurance to avoid being underinsured during a claim. In addition, buyers frequently obtain property insurance through their bank or bond originator for the original bond value rather than the actual replacement value. As a result, it is critical to properly value a property once it has been purchased and continue to value it.
The second common commercial property insurance pitfall is that landlords underestimate the replacement value of additional fixtures and fittings other than the bricks-and-mortar building. For example, depending on your structure, you may need to reinstall elevators and escalators, air-conditioning systems, paving, carports, electric fencing, geysers, gate motors, CCTV systems, and generators.
Why go undercover?
Undercover Insurance Brokers has an extensive track record of service excellence, thanks to the quality services delivered by our diverse team of highly experienced and skilled insurance experts.
We work closely with our clients to provide comprehensive property and business insurance that meets their specific needs and challenges.
Our extensive range of specialised business insurance products is executed by our team with a diverse and specialised skill set to apply the best solutions that suit the needs of our customers with professionalism, expert advice, transparency, and trust.
At Undercover Insurance Brokers, we carefully study consumer preferences to cater for our client’s specific needs and preferences. As a result, we can provide affordable business insurance products
at the best price and assist with developing small and medium-sized businesses based on analysis of real estate markets, transport, tourism, automotive markets, etc. This allows us to provide business insurance products according to the needs of each product offering.
Contact Undercover Insurance for details
As a business insurance specialist in Johannesburg, Undercover Insurance Brokers has an extensive track record of service excellence. If you want to know more about our various business insurance products, please get in touch with one of our representatives
